Boscov's Finds a Buyer

Boscov's Department Store LLC, the U.S. department store chain that filed for bankruptcy protection last month, said it signed a letter of intent for a sale of most of its assets to private equity firm Versa Capital Management Inc.

Under the bankruptcy procedures, Versa will serve as the "stalking horse" bid that sets a minimal level for any other offers. The auction process will be overseen by the U.S. Bankruptcy Court in Delaware.

Boscov's said it was in the process of negotiating a definitive agreement with Versa and any deal is subject to financing. A higher offer also could emerge in the auction process, Boscov's said.